selfgrowth.com - 5 habits to successful automated fx trading

Why is there a difference between you and any other Forex traders?
Why some achieve more winning trades and some more losses trades? These
depend a lot on your trading habits.

Habit 1# Keep a trading journal

Always have a good practice to keep a trading diary of your trades
into a journal. This is particular useful for checking and referring of
old trades in the future. You also be able to pick up common mistakes
that you may find. Things to take note in a trading journal are date,
time, currency, lots size, price, timeframe and target profit and stop
loss. Do write down some notes on what causes you to trigger the buy or
sell trade. It is due to technical indicator or fundamental news. And
also write down what determine your stop loss and profit take pips.

Habit 2# Review your closed trades

After every trade, do some review on your trades. Try to answer all
questions to why you win or loss that trade. And put up a mistake column
and highlight it in another colour. This will warn you not to repeat
the same mistake again. Another review is on your winning trade. Put up
another colour to indicate that this set of trigger works for this
currency. Especially if you are using technical indicator like moving
average or oscillator, always mark out or highlights those triggers that
give profitable winning trades. You may want to automate those winning
strategy later on.

Habit 3# Understand what happen before you execute your trade

This is very important as every trade you entered is due to some
situation or certain set of rules are true then you execute the buy or
sell trade. A lot more information has to be capture if you are using
multi time frame and many technical indicators. For losing trade, always
look at why your set of rules fail, any fundamental news within the
last 24 hours and other technical indicator which you may have used that
can help you to strengthen the rules for executing this particular
trade.

Habit 4# Trade when you are not emotional

Trading has to be consistent and not affected by one’s emotional
feeling. When you are not ready or not in the mood to do anything, then
do not perform any Forex trading neither do you not perform any analysis
of charts. Go take a break, short nap or relax by exercising, calm down
your mental state then start Forex trading. You need to look at
statistics and charts to determine your trade and not let emotion
destroy your set of rules. With an unstable state of mind, many analysis
can go wrong and causes losing trades.

Habit 5# Try paper trading your strategy first

Paper trading is always important for any new strategy. You need to
test your new set of rules first by trading paper money using old
historical price data. This is as close as real trading results you can
get. Another way to speed up this lengthy process is using MT4 strategy
tester using programming codes for your trading strategy. While this may
not be reflecting real time trading, but it is a good guide to
determine if your trading strategy is profitable or not.

You may wan to explore into MT4 trading platform and programming
codes for trading strategy call expert advisor. Do visit
bestforexranking dot com for more information.

Trading for a Living Successful trading is based on three M's: Mind,
Method, and Money. Trading for a Living helps you master all of those
three areas:* How to become a cool, calm, and collected trader* How to profit from reading the behavior of the market crowd* How to use a computer to find good trades* How to develop a powerful trading system* How to find the trades with the best odds of success* How to find entry and exit points, set stops, and take profitsTrading
for a Living helps you discipline your Mind, shows you the Methods for
trading the markets, and shows you how to manage Money in your trading
accounts so that no string of losses can kick you out of the game. To
help you profit even more from the ideas in Trading for a Living, look
for the companion volume--Study Guide for Trading for a Living. It asks
over 200 multiple-choice questions, with answers and 11 rating scales
for sharpening your trading skills. For example: Question Markets rise
when* there are more buyers than sellers* buyers are more aggressive than sellers* sellers are afraid and demand a premium* more shares or contracts are bought than sold

* I and II* II and III* II and IV* III and IVAnswer
B. II and III. Every change in price reflects what happens in the
battle between bulls and bears. Markets rise when bulls feel more
strongly than bears. They rally when buyers are confident and sellers
demand a premium for participating in the game that is going against
them. There is a buyer and a seller behind every transaction. The number
of stocks or futures bought and sold is equal by definition.

The trading bible for the new millennium
In Come Into My Trading Room,
noted trader and author Dr. Alexander Elder returns to expand far
beyond the three M's (Mind, Method, and Money) of his bestselling Trading for a Living.
Shifting focus from technical analysis to the overall management of a
trader's money, time, and strategy, Dr. Elder takes readers from the
fundamentals to the secrets of being a successful trader--identifying
new, little known indicators that can lead to huge profits.Come Into My Trading Room
educates the novice and fortifies the professional through expert
advice and proven trading methodologies. This comprehensive trading
guide provides a complete introduction to the essentials of successful
trading; a fresh look at the three M's, including a proven, step-by-step
money management strategy; and an in-depth look at organizing your
trading time. Come Into My Trading Room reviews the basics
of trading stocks, futures, and options as well as crucial
psychological tactics for discipline and organization—with the goal of
turning anyone into a complete and successful trader.
By showing traders how to combine the elements of mind, method, and money, Come Into My Trading Room
gives readers the knowledge and insight to enter the market with
confidence and exit with profits. Unparalleled depth and a wide range of
coverage will keep all levels of traders engaged, informed, and
returning to Come Into My Trading Room again and again.Dr. Alexander Elder
(New York, NY) is a professional trader, technical analysis expert, and
practicing psychiatrist. He is the founder of Financial Trading Inc.,
providing intensive trading camps to traders all over the world. Elder's
first book Trading for a Living (Wiley: 0471592242) and the companion study guide have sold over 160,000 copies.

From the Inside Flap

How long will it take you to become a competent trader and how much will it cost?

What markets should you trade and how much can you expect to make?

What rules should you set, what methods should you use, how should you split your trading capital?

If
these questions interest you, you picked the right book. Written by a
professional trader, an expert in technical analysis, and a practicing
psychiatrist, Come Into My Trading Room: A Complete Guide to Trading
comes out nine years after Dr. Alexander Elder's international
bestseller Trading for a Living, reflecting his latest discoveries and
concepts.

Come Into My Trading Room opens with a brief
primer-aptly named Financial Trading for Babes in the Woods-aimed at
newcomers, but containing important information for experienced traders.
It clarifies topics whose mastery is essential for everyone: what
markets to trade, how to interpret financial theories, and how to handle
common barriers to success.

Moving up from the basics to the
heart and soul of Dr. Elder's methods, Come Into My Trading Room teaches
the three key aspects of trading-Mind, Method, and Money. First, you
see that the key to winning is in your mind-discipline. Then you learn
how to find the best trades and make the most efficient entry and exit
decisions. Dr. Elder shares his favorite analytic tools and covers
system testing, day-trading, as well as longer-term swing trading, his
new Impulse trading system, and a new SafeZone method for placing stops.
These methods will allow you to trade with a high level of confidence
in any market-stocks, futures, options, or currencies.

Moving
beyond technical analysis, Dr. Elder teaches you the rules of money
management that are essential for your survival and success. He shows
how to structure your account like a submarine, divided into many
compartments, so that it won't sink if one section becomes flooded. The
next section of this comprehensive trading guide-The Organized
Trader-takes you where no trading book has ever gone before. It teaches
you how to organize your time and effort. You learn to select markets
and design a decision-making tree. Good records help you learn from your
experiences and rise to a higher level of expertise. Dr. Elder clearly
outlines four types of records-three of them looking back and

one looking forward-that are essential for any serious trader.

In
the final section of this book, Dr. Elder delivers another first in
trading literature-he invites you into his trading room and takes you
with him on half a dozen of his recent trades, illustrating entries and
exits with charts.

Distilling twenty years of trading and
teaching experience, this book will put you on the road to mastering a
new way of trading stocks, futures, options, and currencies. By the time
you leave Dr. Elder's trading room, you'll be in a position to take
your trading to a higher, more intelligent, and successful level.

From the Back Cover

Come Into My Trading Room
A Complete Guide to Trading

You
can become a successful trader. It has been done before, and it is being
done right now, today, by people around the world. If you enjoy
learning, if you are not scared of risk, if the rewards appeal to you,
and if you are prepared to put in the work, you have a great project
ahead of you.

In Come Into My Trading Room: A Complete Guide to
Trading, Dr. Alexander Elder takes you far beyond the three M's (Mind,
Method, Money) of his international bestseller Trading for a Living. He
teaches you to manage your money and time, as well as strategy, so that
you can enter the markets with confidence and exit with profits. This
essential book educates the novice and gives more power to the
professional through expert advice, proven trading methods, and
something entirely unique-a visit to Dr. Elder's own trading room. You
get to follow him through several actual trades, whose entries and exits
illustrate many of the key concepts of this book.

Come Into My Trading Room offers:
* A complete introduction to trading essentials
* An overview of trading psychology, both individual and mass psychology of the markets
* A practical overview of technical analysis, including new indicators and systems
* A step-by-step guide to risk control and money management
* Exact instructions for keeping records and organizing your time
* A visit to Dr. Elder's private trading room, reviewing several of his recent trades

Be
sure to work through the companion volume to this book-Study Guide for
Come Into My Trading Room-before you risk a dollar in the markets. The
Study Guide features 100 questions and answers and almost 50 charts to
test your knowledge. Grade yourself to make sure you know enough about
the nine key areas of trading. Work through eight case histories, select
entry and exit points, and find out how well you understand what needs
to be done in every trade. Use Dr. Elder's Study Guide to make sure that
you can measure up to your competitors and surpass them.

Come
Into My Trading Room will help you master a new way of trading stocks,
futures, options, and currencies. Unparalleled depth and a wide range of
coverage give you the best chance to become the trader you've always
wanted to be.

About the Author

ALEXANDER ELDER, MD, is a professional trader, an expert in technical
analysis, and a practicing psychiatrist. He is the founder of Financial
Trading Inc., a firm that provides intensive trading camps for traders
worldwide. Dr. Elder's first book, Trading for a Living, and its
companion Study Guide have sold over 160,000 copies in English and were
translated into nine languages. Dr. Elder's Web site is www.elder.com
Come Into My Trading Room: A Complete Guide to Trading Click here for more amazon customer reviews and rating...

In High Probability Trading Strategies, author and well-known
trading educator Robert Miner skillfully outlines every aspect of a
practical trading plan–from entry to exit–that he has developed over the
course of his distinguished twenty-plus-year career. The result is a
complete approach to trading that will allow you to trade confidently in
a variety of markets and time frames. Written with the serious trader
in mind, this reliable resource details a proven approach to analyzing
market behavior, identifying profitable trade setups, and executing and
managing trades–from entry to exit.Note: CD-ROM/DVD and other supplementary materials are not included as part of eBook file.

Review

‘…teaches in a practical step-by-step manner…skilfully outlines every
aspect of a practical trading plan.' (Traders, November 2010).

From the Inside Flap

Trading today's markets—including stocks, futures, or Forex—can be a
challenging and difficult endeavor. But it is possible to achieve
consistent success in this field, if you're prepared to learn a complete
trading plan from entry to exit.In High Probability Trading Strategies,
author and well-known trading educator Robert Miner skillfully outlines
every aspect of a practical trading plan—from entry to exit—that he has
developed over the course of his distinguished twenty-plus-year career.
The result is a complete approach to trading that will allow you to
trade confidently in a variety of markets and time frames.
With
this book as your guide, you'll quickly learn how to recognize
high-probability trading opportunities, pinpoint exact entry and stop
prices, and manage a trade until it's completely closed out. You'll
discover how the four key factors of dual-time-frame-momentum, pattern,
price, and time can guide you down the path to trading profits. As you
become familiar with the proven strategies and techniques taught in High
Probability Trading Strategies, you'll also come to understand the type
of market information you can use to make specific trade decisions and
how to execute those decisions from start to finish.
Miner teaches
in a practical, step-by-step manner until a complete trading plan is
developed. While the ideas found here are essential to trading success,
the best way to learn is by example. That's why Miner has devoted an
entire chapter—called "Real Traders, Real Time"—to trade examples
submitted by his past students. In it, you'll see how they apply the
strategies taught throughout the book to markets around the world.
A
companion video CD completes this comprehensive learning package. It's
not a word-for-word review of the material in the book, but rather an
additional tool to illustrate more examples. With it, you'll learn how
to put high-probability trading strategies into practice, day by day and
bar, by bar for many different markets and time frames.
Written with the serious trader in mind, High Probability Trading Strategies
details a practical approach to analyzing market behavior, identify-ing
profitable trade setups, and executing and managing trades—from entry
to exit—that will allow you to both preserve and grow your capital. If
you're looking to make the most of your time in today's markets, look no
further than High Probability Trading Strategies.

From the Back Cover

Praise for High Probability Trading Strategies"Robert
Miner's new book should be on the 'must have' list for any trader. One
of Robert's unique and practical concepts is his Dynamic Time Strategy
to project market reversals in any time frame. After a twenty-five-year
friendship with Bob, I can honestly say that he is a consummate market
timer."
—LARRY PESAVENTO, tradingtutor.com
"Robert
Miner's comprehensive price, pattern, time, and momentum strategies
amply demonstrate he is a master technician and trader. This is a
must-read for anyone interested in the practical application of Elliott
Wave, Fibonacci, and Gann trading techniques."
—KERRY SZYMANSKI, trading analyst/broker, La Canada Capital Management
"Bob
Miner has been my mentor for years and continues to educate me in a
no-nonsense fashion. This new book should help the trader refine his
trading entries and create a viable trading plan. I am grateful for
everything I've learned from him over the years!"
—CAROLYN BORODEN, Synchronicity Market Timing, LLC, www.fibonacciqueen.com; and author of Fibonacci Trading
"This
book is a major contribution to both the understanding and application
of complete trade management. The book teaches the trader crucial
aspects about the market that are essential for long-term success in the
markets."
—SANDY JADEJA, Chief Market Strategist, Head of Global Training, ODL Markets
"High Probability Trading Strategies
is a practical no-hype guide to doing what is necessary for lasting
success as a trader. Robert offers those who are committed to learning
to trade well both good advice and the specific details often overlooked
by other authors and educators."
—RON ROSSWAY, President, Denver Trading Group
"Robert shook up the trading scene with his first book, Dynamic Trading, which was honored as our 'Book of the Year' in 1997. His new book, High Probability Trading Strategies, is equally worthy and a must-read for all serious traders."
—Frank Anthony Taucher, author of The Supertrader's Almanac/Commodity Trader's Almanac

About the Author

Robert C. Miner has been a leading trading educator for more
than twenty years and publishes daily reports on the Forex, stock, and
futures markets. He speaks around the world on trading and has written
for a wide variety of trading publications. Miner has been named "Guru
of the Year" and is a first-place winner of a major brokerage company's
annual real-time trading contest.

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